Ukraine Fixed Income Weekly (September 21, 2015)

Eurobonds overview

Last week all Ukraine Eurobonds gained by 0.9 cents on average, save the Ukraine-16 and Ukraine-17, which lost 0.4 cents on average, and traded at 77.5 cents and 77 cents respectively. The longer-term sovereign bonds Ukraine-20, Ukraine-21, Ukraine-22, and Ukraine-23 gained 0.9 cents on average, and were traded at 77 cents. The short-term Ukraine-15 gained 1cent to be traded at 79 cents. The mild price gained was conditioned by diverging information background: the successful adoption by the Ukrainian Parliament of the legislative package intended to clear the way to the restructuring deal boosted expectations, however slightly restrained by the news about a likely minority holdout.

Ukraine Fixed Income Weekly (September 14, 2015)

Eurobonds overview

Last week all sovereign Eurobonds continued gaining in price. The short-term Ukraine-15 and Ukraine 16 gained 1.8 cents and traded at 77.8 cents on average. The longer-term Ukraine-17, Ukraine-20, Ukraine-21, and Ukraine-22 gained 1.1 cents on average and traded at 76 cents. Ukraine-23 remained unchanged at 76 cents. The sovereign bond price movement still reflects the positive information background that surrounded Ukraine last week, including the news about a potential ceasefire in the eastern part of the country, the tremendous support demonstrated to the country at the Yalta European Strategy (YES) conference in Kyiv, and the news about application of the legislative package on debt restructuring in the Parliament by the government.

Ukraine Fixed Income Weekly (September 7, 2015)

Eurobonds overview

Last week all sovereign Eurobonds continued gaining in price. The short-term Ukraine-15 gained 4.8 cents and traded at 77 cents, whereas the Ukraine-16 gained 1.9 cents to trade at 75.4 cents. Ukraine-17 and Ukraine-23 gained 2.9 cents on average and were traded at 75 cents and 74 cents respectively. The medium-term Ukraine-20, Ukraine-21, and Ukraine-22 gained 3.7 cents on average and were traded at 75 cents each. The sovereign bond prices were positively moved by the strong support that the IMF has demonstrated to Ukraine last week.

Ukraine Fixed Income Weekly (August 31, 2015)

Eurobonds overview

Last week all sovereign Eurobonds gained on average 14.5 cents in prices, save Ukraine-15 and Ukraine-21, which gained 10.5 cents and 12.4 cents respectively. Nearly all Eurobonds traded at about 71,3 cents, with the biggest prices of 72 cents coming to Ukraine-15 and Ukraine-17. The sovereign bond prices were moved by the agreement between the Ad-Hoc committee and the Ukrainian Finance Ministry on the terms of restructuring of Ukraine’s debt to private creditors. The terms are seen to be mutually beneficial.

Ukraine Fixed Income Weekly (August 25, 2015)

Last week all sovereign Eurobonds save Ukraine-15 lost in prices. The long-term Ukraine-21 and Ukraine-23 lost 2.3 cents on average and traded at 56 cents. The Ukraine-16 and Ukraine-22 lost 1.6 cents on average, while trading at 56 cents. Ukraine-17 and Ukraine-20 lost 0.7 cents on average to trade at 56 cents and 55 cents respectively. And the Ukraine-15 gained 1.1 cent, trading at 61 cents. The rumors about the likelihood of a 20% haircut on the sovereign debt mostly drag the sovereign bond quotations down. The trend will mostly strengthened after confirmation of the deal, in our view.